GIACT™ OFAC Screening and Compliance Solutions
Knowing your customers isn’t just good business—it’s the law. Know Your Customer (KYC) compliance is critical to preventing fraud for retailers and other businesses. For processors, acquirers, issuers, or financial institutions, KYC compliance is vital to following proper underwriting guidelines. Regardless of your regulatory challenges, GIACT can help you meet them, with minimal effort.
Industry-Leading OFAC Screening and ID Verification
We use multiple data sources, with more than 100,000 attributes of the most current data, to confirm customer and business identities, as well as to verify that the business or consumer is not an OFAC match. Only minimal input, such as a name and address, is required for consumer and business data searches and verification. If required, our knowledge-based questions provided via gIDENTIFY™ allow you to further verify your customer in real time if responses fail to match customer-supplied information. This information provides instant decisions.
Risk and Underwriting—Automated
gIDENTIFY™, gOFAC™, and our alternative data provide real-time validation of business entities, business owners and company officers. Our coverage not only locates the established and large corporations, but also gives you the ability to find newly formed and small to medium-sized businesses that our competitors are unable to identify. Because our solution is customizable, you are able to determine the level of reporting required to help complete review of new merchant or ACH accounts, meet know your customer and OFAC requirements, and facilitate routine audit checks to comply with updated regulations.
Instant, Real-Time Account Status and Account Authentication
Account status and authentication can be a first indicator of payment risk. GIACT’s gVERIFY™ solution provides instant, comprehensive bank account verification services, with checking and savings information accessed directly from financial institutions. We access over 4 billion records, resulting in a pass or decline response, and we provide analytics into historical account behavior for deeper insight into likely future trends. We confirm the dates that new accounts were added, updated, or closed, enabling you to be confident an account is valid prior to approving transactions. Plus, we provide real-time assurance that a user is authorized to transact against an account with gAUTHENTICATE™.
Reduce Fraud and Meet Compliance Requirements
Meet CIP, OFAC, FFIEC, KYC, and other requirements with real-time consumer identity confirmation.
Unparalleled Data Accuracy
Multiple data sources ensure accuracy and provide best-in-class coverage. Our proprietary fuzzy logic enhances overall coverage and eliminates issues caused by nicknames, abbreviations, and other data-entry errors.
Customizable Reporting Detail
Customize your GIACT results by selecting the level of reporting detail needed to meet your compliance requirements.